The invention discloses a rare earth/alkaline earth metal and transition metal doped bismuth ferrite nano multiferroic material, and the chemical formula is Bi1-xRxFe1-yMyO3, wherein R is rare earth metal or alkaline earth metal, M is transition metal, x is not less than 0 and not more than 0.30, and y is not less than 0 and not more than 0.02. The preparation method has the steps of taking ferric nitrate, bismuth nitrate, rare earth/alkaline earth metal oxide or nitrate and transition metal nitrate as raw materials, taking ethylene glycol as a solvent, or using a specific additive for matching, mechanically stirring, forming even ethylene glycol solution, then aging at room temperature, evaporating and drying the obtained solution at the temperature of 160-250 DEG C, and carrying out thermal treatment at lower temperature for obtaining rare earth/alkaline earth metal A-site doped, transition metal B-site doped and rare earth/alkaline earth metal A-site and transition metal B-site co-doped bismuth ferrite nanoparticles of 20-100nm. The prepared nano multiferroic material has stable crystal quality, thereby having extensive application prospects in the fields of information storage, magnetic sensors of spin electronic devices, capacitor-inductor integrated devices and the like.